Chelsea, MA – September 18, 2014 – (RealEstateRama) — Metro Credit Union, in conjunction with MassHousing and the City of Lawrence today announced the “At Home in Lawrence” Program. This new mortgage loan program is focused on the financing of property purchases, property refinancing and property rehabilitation exclusively for the City of Lawrence.
“The At Home in Lawrence Program creates an appealing option for potential homebuyers within and outside of Lawrence,’’ said Mayor Daniel Rivera. “We continue with our promise of finding ways to create cheaper mortgages and help improve the livability, safety or utility of our existing home properties. This is not only in the best interests of the city, but also for existing homeowners who take pride in being part of the Lawrence community.”
Insured by MassHousing and financed by Metro Credit Union, this innovative program offers expanded loan to values and less restrictive reserve and credit requirements for low- and moderate-income borrowers.
“Providing more homeownership opportunities to residents of Lawrence takes a cooperative effort between the city and public, private and non-profit partners, and that is what has been established with the creation of At Home in Lawrence. Lower and moderate-income borrowers now have one combined resource for city programs, homebuyer education and mortgage financing to help qualified homebuyers purchase homes and help homeowners renovate their homes and revitalize their neighborhoods,’’ said MassHousing Executive Director, Thomas R. Gleason.
“Our relationship with MassHousing shares many common goals. One of the strongest is to give affordable lending options to residents in our communities and help them achieve their own financial goals”, said Robert Cashman, President and CEO of Metro Credit Union. “The At Home in Lawrence Program further enables Metro to expand efforts regarding property revitalization and home ownership growth in the City of Lawrence.”
The non-profit Lawrence Community Development Corporation will oversee the management of this initiative. Not only will this program cover property purchases and refinancing, but it will also help revitalize properties within the city. Mortgage loans may cover the cost of alterations, renovations, additions, accessibility improvements and repairs to existing structures.
Today’s announcement at Lawrence City Hall officially kicks off the “At Home in Lawrence” Program. Borrowers purchasing or refinancing with or without rehabilitation on properties located within the City of Lawrence can contact Metro Credit Union for further details and for eligibility requirements.
About Metro Credit Union
Metro Credit Union is the largest state-chartered credit union in Massachusetts with over $1.3 billion in assets, and serves more than 170,000 members. It is a growing, federally insured financial institution and a leading provider of a full range of financial services to anyone living or working in Essex, Middlesex, Suffolk, Norfolk, Plymouth, Barnstable or Worcester counties in Eastern Massachusetts, as well as Massachusetts state employees and retirees throughout the Commonwealth.
Founded in 1926, Metro Credit Union is a non-profit cooperative institution, owned by and operated for the people who use and benefit from its products and services. Metro uses superior customer service and technology to deliver a full range of financial products to consumers and businesses in eastern Massachusetts. Metro is well known for providing members with unlimited refunds of other banks’ ATM fees through its My Reward Checking account Metro Credit Union has 15 branch offices conveniently located in Boston, Burlington, Chelsea, Framingham, Lawrence, Lynn, Melrose, Newton, Peabody, Salem, and Tewksbury, and is also a leader in workplace banking, serving over 1,800 companies throughout the state.
Learn more about Metro Credit Union at www.metrocu.org
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $17 billion for affordable housing. For more information, visit the MassHousing website at www.masshousing.com, follow us on Twitter @MassHousing, subscribe to our blog and Like us on Facebook.
Keith Pequeno – Metro Credit Union
Tom Farmer – MassHousing